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PART A A system of income inequality: provides those who are more productive the ability to...

PART A

A system of income inequality:

provides those who are more productive the ability to reap higher rewards.
generally leads to a higher average standard of living than a system of income equality.
provides incentives for individuals and businesses to be productive and efficient.
All of the listed answers are correct.

PART B

Which of the following is true about income inequality?

Income inequality is necessary to establish social stability.
In order for a country to be productive, a system of income inequality requires significant government redistribution of wealth and thus relatively high taxes.
An economic system with significant income inequality can lead to political inequalities.
None of the listed answers is true.
The greater the income inequality, the less efficiently an economy operates.
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Answer: 1) C) Provides incentives for individuals and businesses to be productive and efficient. productive and efficient.

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